India’s Unified Payments Interface (UPI) is now a major channel for retail digital payments. This paper examines monthly UPI activity from April 2024 to March 2025 using administrative statistics published by the National Payments Corporation of India (NPCI). Over the period, transaction volume increased from 13,303.99 million to 18,301.51 million, a rise of 37.56%. Transaction value grew by 26.10%, while the number of banks live on UPI increased from 583 to 661. The calculated average ticket size fell from ₹1,476.60 to ₹1,353.56, suggesting that transaction counts grew faster than the total value transferred. Volume and value were strongly positively correlated (Pearson’s r = 0.976). The paper also compares fiscal-quarter totals and adjusts monthly figures for the number of calendar days. After this adjustment, average daily transaction volume increased by 33.13%, and the month-to-month volatility in volume growth was lower than in the unadjusted series. These findings describe changes in aggregate UPI activity during one financial year; they do not establish why the changes occurred. The short study period and national-level aggregation limit the conclusions that can be drawn.
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Yadav et al. (2026) studied this question.
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